No obligation to award project to India, Iran says on Farzad B field row
The Dollar Business Bureau Despite India’s offer to spend around $11 billion (about Rs.70,000 crore) for the development of Farzad B gas field in Iran and building the infrastructure for exporting the gas, Tehran had stated that it is under ‘no obligation’ for awarding the contract for the gas field to India, according to media reports. New Delhi is willing to invest as long as Iran assures a “reasonable return” on the gas project. India’s state-run oil company ONGC Videsh Ltd has given the offer for investing around $6 billion in the Farzad-B gas field project and the remaining amount to spend in building a facility for liquefied natural gas (LNG) exports. On the contrary, Iran has signed an agreement with Russian gas ...
Iran signs up Gazprom for developing ONGC discovered Farzad B gasfield
The Dollar Business Bureau In an apparent rebuff to the Indian government for cutting down oil imports from its country, Iran has decided to sign a pact with Russia’s Gazprom for developing the ONGC discovered Farzad B gas field. The Farzad B Iranian natural gas field was discovered by ONGC in 2012. Commencing production in 2013, the total in-place reserves of the gas field are around, 21.7 trillion cubic feet of which around 60% is recoverable while production is slated to be around 1.1 billion cubic feet/day. Since Iran kept delaying in awarding the rights to develop to ONGC, India decided to cut down the oil imports by a fifth or 190,000 barrels per day from 240,000 bpd, in 2017-18. In return, Iran ...
Israel, US sign $10 bn gas deal with Jordan
The Dollar Business Bureau Leviathan offshore gas field of Israel has inked a landmark agreement to supply natural gas to National Electric Power Co (NEPCO) of Jordan over 15 years, in a pact valued at $10 billion. “The deal was signed on Monday with Jordan’s NEPCO for supplying 300 million cubic feet daily over a period of 15 years,” US company Noble Energy, the key partner, said in a statement. The deal includes an option to buy an additional 50 million cubic feet to make an overall of 350 million per day. “Gross revenues from the contract are expected to be around $10 billion,” it added. “The supply to NEPCO is likely to start at the same time as the expected 22 trillion cubic foot field ...
Oil Minister visiting Mexico and Colombia for Indias energy security
The Dollar Business Bureau In order to boost energy trade with Latin America, Minister of State (Independent Charge) for Petroleum & Natural Gas Dharmendra Pradhan is on tour Mexico and Columbia from today for mutual cooperation in the area of hydrocarbons and to seek long-term linkages for the nation’s energy security. The Oil Minister is accompanied by a high level delegation which includes B. Ashok (Chairman, Indian Oil), Narendra Kumar Verma (Managing Director, ONGC Videsh Ltd) and other senior ministry officials. Apart from PSUs, Atul Laul (President, Reliance Industries), Mayank Ashar (CEO, Cairn India) and Rajeev Sharma (CEO, Adani Gas CEO) have also joined the 15-member delegation. He is also expected to meet the energy ministers of Mexico ...
